Onward Technologies Limited has completed the allotment of 3,500 equity shares to eligible employees under its Employee Stock Option Scheme 2019 (ESOP 2019). The allotment was approved by the company's Nomination and Remuneration Committee through a circular resolution passed on March 02, 2026.

Share Allotment Details

The company has provided comprehensive details of the share allotment in compliance with SEBI regulations:

Post-Allotment Capital Structure

Following this allotment under ESOP 2019, Onward Technologies' capital structure has been updated:

Regulatory Compliance

The allotment has been made in accordance with Regulation 10(c) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The company has informed both BSE Limited and National Stock Exchange of India Limited about this development. The ESOP 2019 scheme was originally filed with BSE on October 15, 2019, and with NSE on September 30, 2019.

Share Characteristics

The newly allotted equity shares will rank pari-passu with the existing equity shares of the company in all respects. No lock-in period applies to these shares, and they are issued in demat form under ISIN number INE229A01017. The shares are identical to the company's existing equity shares and carry the same rights and privileges.

The intimation was signed by Aakash Joshi, Company Secretary and Compliance Officer, confirming the completion of this employee benefit initiative under the company's stock option program.

Onward Technologies has achieved a significant legal victory with the Circuit Court of Cook County, Illinois vacating its earlier fund freezing order and dismissing the citation involving Citibank. This comprehensive resolution provides complete relief to the technology services company in litigation proceedings initiated by a former employee.

Court Order Details

The court has passed an order vacating its earlier directive that had frozen funds in the company's Citibank account up to USD 1,258,000.00. Additionally, the court dismissed the pending citation to Citibank in the matter, providing complete closure to the legal proceedings.

Background of Legal Matter

The litigation stemmed from proceedings initiated by an ex-employee of Onward Technologies, Inc., a wholly owned subsidiary of the company, against the subsidiary for alleged non-payment of certain wages. The matter involved a citation to discover assets, which had resulted in the temporary freezing of funds in the bank account.

Financial and Operational Impact

According to the company's disclosure, there is no subsisting enforceable monetary liability on Onward Technologies, Inc. as of the order date. The management stated that the company does not anticipate any material adverse impact on its financials or operations following the vacation of the judgment.

This favorable court outcome removes all legal uncertainties related to the case and allows the company to operate without any fund restrictions or pending litigation concerns in this matter.